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based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary insisted the rates will not make it to the new year. >> he will not sign a bill that extends those tax rates for the top 2 percent. we cannot afford it. it is not wise economic policy. not wise fiscal policy. it would defeat the principle of balance that he has embraced. >> the president wrapped up an hour long twitter session promoting what he called a balanced approach, as far as deficit reduction. >>shepard: is this posturing? >>reporter: well, it is, this great measure. each side wants to blame the other. and not just if we go over the cliff, but if they do reach an agreement, each side wants the other to take the blame for the parts of the ultimate compromise their constituents don't like. right now the negotiations are nowhere, and the white house has not put a serious offer on the
based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary insisted the rates will not make it to the new year. >> he will not sign a bill that extends those tax rates for the top 2 percent. we cannot afford it. it is not wise economic policy. not...
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years ago, two and a half years ago, you are aproasmed to chaiapproached tochair a commits to set up a deficit reduction plan for the country. you study it. you're very diligent. everybody hates it within 24 hours. the democrats say it's too austere. the republicans say you're raising tax too much. two years later as we stand on the precipiceave cliff, suddenly this plan as seen as the mosterably thing in town and people are coming to you to find out your sage advice. what happened in those two years? >> well, the people woke up. i think young people are waking up. you can't do this. you can't tax your way out of this hole. you can't grow your way out of this hole. we had every economist say you could have double-digit growth for 20 years and can't get out of the hole. you can't cut spending out of your hole. we got five democrats, five republicans, ranging from dick durbin to illinois-- great progressive democrat-- and coburn from oklahoma, and five dems, five republicans, one independent, that's a super majority. and for god's sake the reason we were so successful is that we effectively piss
years ago, two and a half years ago, you are aproasmed to chaiapproached tochair a commits to set up a deficit reduction plan for the country. you study it. you're very diligent. everybody hates it within 24 hours. the democrats say it's too austere. the republicans say you're raising tax too much. two years later as we stand on the precipiceave cliff, suddenly this plan as seen as the mosterably thing in town and people are coming to you to find out your sage advice. what happened in those two...
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Nov 30, 2012
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plus, the president is announcing that he doesn't even want to put it towards deficit spending. he wants to do new spending, new stimulus, new infrastructure, new education. there's not one word of entitlement reform, social security reform, medicare reform. the structural debt. let me tell you what the leverage is, cornel. you want to know what the heart of the electorate is? it's the senate democrats who are elected in the last midterms and the senate democrats that were elected this time on a debt reform, spending reform, entitlement reform. those are your senate democrats who couldn't even pass something that was half as bad as this. you're not -- this is worse than laughable. it's despicable. >> a couple of things. one, mary, i love you in red. two is that look, what's wrong with us going back to quite frankly the rate under bill clinton? you remember the clinton years? the largest economic expansion in our history? everyone's boat rising, everyone paying their fair share, deficit reduction, the middle class growing. the problem with what republicans want to do right now, w
plus, the president is announcing that he doesn't even want to put it towards deficit spending. he wants to do new spending, new stimulus, new infrastructure, new education. there's not one word of entitlement reform, social security reform, medicare reform. the structural debt. let me tell you what the leverage is, cornel. you want to know what the heart of the electorate is? it's the senate democrats who are elected in the last midterms and the senate democrats that were elected this time on...
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that leaves us with the deficit of one. that is the deficit. sizable it is. this wl be the president's fourth for whh he is personally responsible, fourth deficit in excess of a trillion dollars. president obama wants to plug that trillion dollars hole by raising taxes on household incomes, as we all know that have incomes over $250,000. the top 2%. that would bring in $802 million, $82 billion. that's about 8% of that deficit. so does that suggest we have a tax problem or, perhaps, a spending problem? think about this. taxpayers making more than $250,000 representin the top 2% paid more than 46% of all texas. that would seem like a pretty fair deal to most of us, but the president says it is not fair. we don't know what that number is. how much should it be? and contrary to what the president would have you believe as he campgns untack sites all around the country and against the wealthy, he's doing a lot of that. the bush tax rates are not the root of our problems. in fact, individual tax payments rose, get this, $2,303,000,000,000 or 26%. over the past two
that leaves us with the deficit of one. that is the deficit. sizable it is. this wl be the president's fourth for whh he is personally responsible, fourth deficit in excess of a trillion dollars. president obama wants to plug that trillion dollars hole by raising taxes on household incomes, as we all know that have incomes over $250,000. the top 2%. that would bring in $802 million, $82 billion. that's about 8% of that deficit. so does that suggest we have a tax problem or, perhaps, a spending...
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Dec 4, 2012
12/12
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president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's speaker boehner who is taking a mid point on the compromise between the two sides and offered it, and it's already flatley rejected? >> i think he may be rejected, sir, if i may -- >> i'm not talking about simpson -- erskine boelsz. i'm talking about the white house's response to it. >> let's get to that too. i think what erskine bowles is saying in his statement, that this letter from speaker boehner does not represent his theory, number one, but i think the line that the white house is having problems with, and i believe i found it in page two of the speaker's letter, i'll read it to you if i can. he says this, notably
president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's...
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Nov 29, 2012
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it doesn't add to the deficit. in fact, it needs to be -- if any change needs to be made to it, it needs to be on the own freestanding. social security is one of the greatest programs this country has ever produced. it helps literally millions and millions of senior citizens and people on disability and people who receive survivor benefits and it's a great program and we should continue to support that program. we don't need to mess with it. when we do want to reform it, it needs to be something that will preserve benefits for people. and allows the program to continue. it's a solid program and it doesn't need to be in these budget entanglements. i hope americans really get the fact -- some people say, well, ok, you're right social security doesn't add to the deficit. let's talk about it anyway. let's talk about it for a minute anyway even though it shouldn't be considered. here's what could be said, mr. speaker, by someone who wants to defend the excellent program known as social security. they might say shouldn't
it doesn't add to the deficit. in fact, it needs to be -- if any change needs to be made to it, it needs to be on the own freestanding. social security is one of the greatest programs this country has ever produced. it helps literally millions and millions of senior citizens and people on disability and people who receive survivor benefits and it's a great program and we should continue to support that program. we don't need to mess with it. when we do want to reform it, it needs to be...
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Dec 4, 2012
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they have not contributed to the deficit. >>neil: show me an entitlement you would top. we are not talking about taking food away from the elderly, is there anything you would touch beyond taxing rich people? >>guest: we have to take a serious look at medicare. >>neil: your organization seems to put out, don't touch that, not now, not part of this deal. >>guest: what we saying, we can generate $950 billion of the $1.2 trillion we need over 10 years without eliminating or reducing benefits with medicare. i am also saying if we are looking for additional cuts and we need to do more everyone must be open. >>neil: but you are not open to the thing you said. you were one of the best speechers at the democratic convention but the speech ain't flying. it is implying it is on the republicans they better cough up more in taxes because we will keep feeding the beast. it is not about taming the beast but feeding the beast. >>guest: i need to say this, most of viewers watch this show now believe that all of us are involved in some kind of negotiation. that is not true. >>neil: there
they have not contributed to the deficit. >>neil: show me an entitlement you would top. we are not talking about taking food away from the elderly, is there anything you would touch beyond taxing rich people? >>guest: we have to take a serious look at medicare. >>neil: your organization seems to put out, don't touch that, not now, not part of this deal. >>guest: what we saying, we can generate $950 billion of the $1.2 trillion we need over 10 years without eliminating or...
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Nov 30, 2012
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that is how we will reduce the deficit by creating jobs. every time we came to the idea of bold balance, the rivet a question was the hurdle and it is still does. we cannot get there from here in terms of deficit reduction. you can grow your way he to there, but you have to have the revenue as a confidence-building that we are responsible. we will get the job done. he had ended their meeting to go to so he is not here with us now. why am i confident? it is the right thing to do. americans deserve this to happen. it is only the decision to make tough choices. this is not easy. it is necessary. i have confidence that my republican colleagues will see the light and pass a middle income tax cut so they can go from there. >> we want the whole package, of course. the easiest thing to send a message to the public that the middle income tax cuts will continue is to pass the bill. this is stage one. we would like to see a multi trillion dollar stage one with substantial cuts. we have already passed over one trillion dollars. the expiration of the hi
that is how we will reduce the deficit by creating jobs. every time we came to the idea of bold balance, the rivet a question was the hurdle and it is still does. we cannot get there from here in terms of deficit reduction. you can grow your way he to there, but you have to have the revenue as a confidence-building that we are responsible. we will get the job done. he had ended their meeting to go to so he is not here with us now. why am i confident? it is the right thing to do. americans...
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bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after reagan appeared in that one debate against carter and people said, hey, he isn't so bad. i have a choice. >> one of the other players, besides the two candidates was bill clinton, the former president, don't think anybody made a better case of making the case for obama than bill clinton. at the convention a critical moment when he explained the arithmetic of what obama inherited. >> in tampa the republican argument against the president's re-election was pretty simple, pretty snappy. it went something like this. we left him a total mess. he hadn't cleaned it up fast
bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after...
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so our view of the optimal way to deal with this is to not worry about today's fiscal deficit because that's a consequence of where the economy is. absorb that and make a credible commitment bipartisan enshrined in law to deal with this by having a phased in entitlement reform. it's very hard as a practical matter to see that happening without a bond market crisis. >> and we don't have much time, but what would be the key planning of that entitlement reform? >> rolling back the unfunded medicare giveaways of the second george w. bush administration. >> medicare and medicaid combined 20%. so huge. we want to give you a quick sense of the agenda in the u.s. october personal income and intending with the savings rate will be out at 8:30 a.m. eastern. at 10:00 a.m., we'll get the november chicago pmi. expected to show a reading of 50 which is a slight uptick from last month. and an important gauge of the ism data that we'll get later. stick around because straight ahead, a welcome phillip for japan as factory output rises for the first time in four months. is the worst finally over? we'll
so our view of the optimal way to deal with this is to not worry about today's fiscal deficit because that's a consequence of where the economy is. absorb that and make a credible commitment bipartisan enshrined in law to deal with this by having a phased in entitlement reform. it's very hard as a practical matter to see that happening without a bond market crisis. >> and we don't have much time, but what would be the key planning of that entitlement reform? >> rolling back the...
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in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the compromise between the two sides and offered it and it's already flatly rejected? >> i think what he might be rejecting, sir, if i may -- >> no, i'm not talking abo about erskine bowles. >> i think what he's saying in his statement, this letter from speaker boehner does not represent his theerly, number one, but i think the line the white house is have been problems with, i believe i found it in page two of the speaker's letter, he says this. notably, the new revenue in the bowles plan would not be a i chiefed through higher taxes, which we continue to oppose and will not agree to in order to protect small businesse
in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the...
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the government was able to sink its annual deficit from 32% to 8.5% of gdp, and it is paying much lower interest on government bonds, and the irish economy is growing. only unemployment remains stubbornly high. in october, the jobless rate was still above the eurozone average at 14.7%, but in countries hard hit by the euro crisis, there were even more people out of work, and an increase, and employment is one of 25%. in spain, 26% were one in two young people is out of work. things are not quite that grim in italy, but more and more young people are looking for work. the youth unemployment rate is 36%, the highest since june 2004. >> we have to take a short break, but when we back, december 1 is world aids day. we will be taking a look at the problem of hiv/aids. >> and what is germany going to do with all its nuclear waste? stay with us for that. >> thanks for staying with us. >> welcome back. one of the consequences of the breakdown of public services in the wake of the economic crisis in greece is a sharp spike up people they're infected with aids. >> on the eve of world aids day, of
the government was able to sink its annual deficit from 32% to 8.5% of gdp, and it is paying much lower interest on government bonds, and the irish economy is growing. only unemployment remains stubbornly high. in october, the jobless rate was still above the eurozone average at 14.7%, but in countries hard hit by the euro crisis, there were even more people out of work, and an increase, and employment is one of 25%. in spain, 26% were one in two young people is out of work. things are not...
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warren rudman went on to found the coalition that pushed for reducing the deficit. senator rudman died this month at the age of 82. >>> and former president george h.w. bush in a hospital treated for bronchitis, he is listed in stable condition and expected to be released within 72 hours. his doctors described him as pretty much as normal, happy, joking with the staff and getting better. >>> up next as nightly news continues. the guessing game over who won that giant powerball, and what some people have noticed about the winning numbers and the pattern they follow. >>> and later, the random act of kindness caught on camera that is getting a lot of attention for all the right reasons. t powerball, you may be curious about who did, there are two big winning tickets and the second largest jackpot in american history, in missouri and arizona, more from dearborn, missouri, where one of the tickets was sold. kerry, also very curious about this secret code imbedded in one of the winning numbers >> reporter: very interesting, one ticket was sold here at this gas station,he
warren rudman went on to found the coalition that pushed for reducing the deficit. senator rudman died this month at the age of 82. >>> and former president george h.w. bush in a hospital treated for bronchitis, he is listed in stable condition and expected to be released within 72 hours. his doctors described him as pretty much as normal, happy, joking with the staff and getting better. >>> up next as nightly news continues. the guessing game over who won that giant...
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Nov 29, 2012
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to capitol hill today. >> i'm open to a fair and balanced approach to reduce our deficit. >> reporter: republicans want to know if it includes the government spending less money. >> we put revenue on the table as long as it's accompanied by serious cuts. >> reporter: white house leaders are meeting with boehner and top republicans. at least one analyst thinks there could be a deal here. >> if i were involved in a negotiation like this and everybody was purporting to be where they are, i would say that an agreement was reachable. >> i'm hopeful but don't put me down anywhere near optimistic. >> reporter: one conservative republican is now suggesting while negotiations continue on whether the wealthy should pay more, congress should stop tax rates from going up on the middle class now. >> we're not going to raise taxes on those people. i think we ought to go ahead and make that abundantly clear to everybody and take them out of the negotiations. >> reporter: bottom line, no deal yet. both sides are still talking. and both sides signaling that they're willing to give up something to get
to capitol hill today. >> i'm open to a fair and balanced approach to reduce our deficit. >> reporter: republicans want to know if it includes the government spending less money. >> we put revenue on the table as long as it's accompanied by serious cuts. >> reporter: white house leaders are meeting with boehner and top republicans. at least one analyst thinks there could be a deal here. >> if i were involved in a negotiation like this and everybody was purporting...
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deficit reduction and making sure that middle class taxes don't go up. folks agreed to that. now, the good news is we are starting to see a few republics coming around to it too. >> now, house democratic leader nancy pelosi put an even finer point on it today saying flatly, elections have consequences suggesting democrats are not going to give in on their push for higher taxes on the rich. shep. >> shepard: by any measure, ed, the president came in strong, even folks on the left are saying it and john boehner seems very unhappy. >> he is unhappy because he doesn't want to give in on the part about tax hikes for the rich. but also he believes this proposal from treasury secretary tim geithner yesterday really didn't get us anywhere in terms of moving the ball forward. because not just on the tax side but he is basically saying there is no clear cut spending cuts in the eyes of republics so that there is that so-called balanced approach. not just taxes but spending cuts as well. he thinks we are going nowhere fast. here is boehner. >> i took a great risk. and then the white hou
deficit reduction and making sure that middle class taxes don't go up. folks agreed to that. now, the good news is we are starting to see a few republics coming around to it too. >> now, house democratic leader nancy pelosi put an even finer point on it today saying flatly, elections have consequences suggesting democrats are not going to give in on their push for higher taxes on the rich. shep. >> shepard: by any measure, ed, the president came in strong, even folks on the left are...
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they don't care about deficits. they care about flattening the tax code so lower income people pay more. >> that's the dirty little secret. thank you. i wish we had more time. we don't. >>> next, sheldon walking the corridors of congress? what? i wonder if $150 million buys you a key to the speaker's office. i gave birth to my daughter on may 18th, five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. [ woman ] learn from my story. a new way to save on your prescriptions. it's the aarp medicarerx saver plus plan from unitedhealthcare. with this plan, you can get copays as low as a dollar through a preferred network pharmacy like walgreens -- where you'll find 8,000 convenient locations. best of all, this plan has the lowest part d premium in the united states -- only $15 a month. open enrollment ends december 7th. so call today or visit your local wa
they don't care about deficits. they care about flattening the tax code so lower income people pay more. >> that's the dirty little secret. thank you. i wish we had more time. we don't. >>> next, sheldon walking the corridors of congress? what? i wonder if $150 million buys you a key to the speaker's office. i gave birth to my daughter on may 18th, five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin...
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the deficit is large. where's the rest of his plan? he has to show us his plan. house members would like to extend all current tax rates permanently. that brings certainly the to the economy. get a subsequent bill for the sequestration. work with president obama in a good faith effort to get pro growth tax reform. that would work. we've got the ryan budget that spends $7 trillion less than the president's budget. that would restore the confidence that the economy needs. >> greta: senator, thank you. >> thank you. >> greta: with time running out, you would think that president obama would call the house and senate leaders and ask them to the oval office, but apparently something is wrong with the white house phones. he's trying to outsource the job to you. take a look. >> i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an email, post it on their facebook walls. you can tweet it using the #my2k. >> greta: why doesn't the president pick
the deficit is large. where's the rest of his plan? he has to show us his plan. house members would like to extend all current tax rates permanently. that brings certainly the to the economy. get a subsequent bill for the sequestration. work with president obama in a good faith effort to get pro growth tax reform. that would work. we've got the ryan budget that spends $7 trillion less than the president's budget. that would restore the confidence that the economy needs. >> greta: senator,...
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it would give us more time than next year to work together on a comprehensive plan to bring down the deficits. >> white house spokesman jay carney broke new ground declaring today the president does want spending cuts, listed in his budget plan to be included in the fiscal cliff talks. >> hold up the budget and say democrats on capitol hill vote for including the spending cuts in this deal to avoid the fiscal cliff. that is not what they are doing now. should they include those? >> yes. i think that, and i know that democrats accept that this has to be it, a balanced package, that includes revenues and cuts and spending cuts. >> months ago, the budget carney held up was voted down by the entire senate. 99-0. meaning no democratic support. earlier, dick durbin insisted spending cuts from entitlement reform will not be part of the talks while pelosi spell noncommittal whether the cuts will be in the deal. still, the administration is trying to breathe life to the talks, with vice president biden shopping at new costco in washington, picking up a big screen tv and apple pie and insisting he is o
it would give us more time than next year to work together on a comprehensive plan to bring down the deficits. >> white house spokesman jay carney broke new ground declaring today the president does want spending cuts, listed in his budget plan to be included in the fiscal cliff talks. >> hold up the budget and say democrats on capitol hill vote for including the spending cuts in this deal to avoid the fiscal cliff. that is not what they are doing now. should they include those?...
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. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600 billion in savings from our entitlement programs. including our healthcare entitlement program. jay carney went so far to compare republican pressure on debt creeling to hostage taking. >> this is a profoundly bad idea that i think could not be more frightening for american businesses. and american workers. >> of course, treasury secretary geithner it go may have also frightened people yesterday. by telling cnbc the white house is prepared to go off the fiscal cliff, unless the republicans bend on taxes. comment by former democratic presidential candidate howard dean frightened republics that
. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600...
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there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last year when they raised the debt ceiling would be better than doing nothing. it's separate from the ougautomc tax increase that happens on january 1. our preferred strategy here would be to accept the sequester now knowing that congress is not going to do something more rational. they're not going to take on more fundamental spending reforms and push off increasing taxes. and let's have a ration conversation about fundamental tax reform in the first six months of next year. nothing congress does in this panic is going to be rational public policy regardless of ideology. >> isn't it fair to say no matter what,
there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last...
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of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be bygones does not come naturally to him as a man, he is doing a convincing job as a president. getting the business community to be message multipliers and supporters of his on basic economic issues. it makes sense. what about accountability? and here's what i mean. the big business guys who really, really really wanted president mitt romney. they spent through the roof to get president mitt romney and they lost. they did not get a president romney. they still have a president obama. but now they're at the president obama white house almost every week meeting with president obama. and i unde t a i underst what ab the f all this face time with president. does t i we're tol elizabe mas sea committ them on board with his agenda, particularly for his side of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be b
of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be bygones does not come naturally to him as a man, he is doing a convincing job as a president. getting the business community to be message multipliers and supporters of his on basic economic issues. it makes sense. what about accountability? and here's what i mean. the big business guys who really, really really wanted...
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volume since the dot com bubble burst low business investment low were record budget deficits from the government and high unemployment do we actually need a bubble not a case i would make but a very smart gentleman is here to tell us why they can sometimes be good joining me from our new york studio is dr william janeway he's senior advisor for warburg pincus technology and author of the book doing capitalism in the innovation economy markets speculation and the state first thank you so much for being on the show. very good to be here we're going to have you because you have said and i would definitely agree that bubbles have received bad press whether we're talking about the two live bubble in the sixteen hundreds or whether we're talking about the real estate bubble ahead of two thousand and eight but in some instances you say bubbles can be good why can bubbles be good and what kind of a bubble would we need or might we need now well the first thing as you've said is the bubbles or boringly common where ever there is a active trading liquid market in the us from tulip bulbs to real
volume since the dot com bubble burst low business investment low were record budget deficits from the government and high unemployment do we actually need a bubble not a case i would make but a very smart gentleman is here to tell us why they can sometimes be good joining me from our new york studio is dr william janeway he's senior advisor for warburg pincus technology and author of the book doing capitalism in the innovation economy markets speculation and the state first thank you so much...
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Dec 2, 2012
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we are in a deficit situation, as people have been discussing the past several weeks so there are potential in congress for the house and senate members. >> eric: billions of dollars. of taxpayers money that goes to the u.n. ambassador bolton, thank you for your insight. >> guest: thank you, eric. >> jamie: a fox news extreme weather alert. flood in effect for the west coast. yet another storm is approaching. folks are preparing for worst. severe weather threatening to bring more rain to an area that is already been drenched. chief meteorologist rick reichmuth live from the fox news extreme weather center. if you know rick is hanging out, it must be serious. how bad? >> really bad. this is the second batch of storms they have had this month. earlier in month, a lot of areas saw ten plus inchs of rain. now we have had another series of storms last week where we have seen ten plus inches of rain. the ground is saturated. this storm is windy. windy conditions across colorado, spreading across the intermountain west. the ground is saturated, if you take that wind and we will see more trees goin
we are in a deficit situation, as people have been discussing the past several weeks so there are potential in congress for the house and senate members. >> eric: billions of dollars. of taxpayers money that goes to the u.n. ambassador bolton, thank you for your insight. >> guest: thank you, eric. >> jamie: a fox news extreme weather alert. flood in effect for the west coast. yet another storm is approaching. folks are preparing for worst. severe weather threatening to bring...
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Nov 30, 2012
11/12
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they're not about to do anything that helps with the deficit. they want higher taxes to spend even more money to put even more power in washington, d.c. to have an even bigger bureaucracy. >> greta: all right. let me tell you one other thing that i thought was surprising today. secretary of treasury tim geithner proposed limiting purview over the federal borrowing limit, which is another way of saying give the president, any future president, give the president without a limit, without conceive sight. is that how you see that? >> sure. if you were a liberal, you wanted to run up the biggest possible deficit. frankly the congress ought to move in the opposite direction and start hearings of oversight on the federal reserve, which has put far more money into the economy than the treasury has, and which has yielded far more economic power the treasury. the amount of power that ben bernanke has chairman of the federal reserve is totally inappropriate in a free society. again, i would have the house republicans organize virtually every committee and
they're not about to do anything that helps with the deficit. they want higher taxes to spend even more money to put even more power in washington, d.c. to have an even bigger bureaucracy. >> greta: all right. let me tell you one other thing that i thought was surprising today. secretary of treasury tim geithner proposed limiting purview over the federal borrowing limit, which is another way of saying give the president, any future president, give the president without a limit, without...
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trillion dollar deficits for as far as the eye can see. $16 trillion worth of debt already on the books. every man, woman, and child owing the government over $50,000 and that number is increasing every single year. and i think as a result our members understand that we've got to solve the problem and we will. >> so the bottom line is it really seems obvious, especially after talking to members coming out of that meeting, that they have been able to at least so far turn the rank-and-file and obtained them and said to the conference, the american people re-elected, meaning the president, and re-elected us. that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >> reporter: they
trillion dollar deficits for as far as the eye can see. $16 trillion worth of debt already on the books. every man, woman, and child owing the government over $50,000 and that number is increasing every single year. and i think as a result our members understand that we've got to solve the problem and we will. >> so the bottom line is it really seems obvious, especially after talking to members coming out of that meeting, that they have been able to at least so far turn the rank-and-file...
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government's budget deficit problems and does it i mean is really such a small part of the iceberg. of economic crisis that this country has been dealing with for the past four years and lo and behold when you talk to people that have been in the game for a while like the former republican strategist has been that we spoke to they say no it's very minimally addressing the problems of the u.s. and to put that in even broader scope our guest kevin phillips his recent book is about seven hundred seventy five so he just finished a book on the american revolution many more economic factors playing a role there than what we maybe are taught in grade school here in the u.s. so we looked at what the lessons are today looking at the. current economic problems and monetary problems and got his perspective a perspective he says that politicians are not likely to have he says they don't read history books but you know what we are giving them a clip notes just in case they happen to be watching and will give all of our viewers the cliff notes as well to in a couple of minutes right that is all c
government's budget deficit problems and does it i mean is really such a small part of the iceberg. of economic crisis that this country has been dealing with for the past four years and lo and behold when you talk to people that have been in the game for a while like the former republican strategist has been that we spoke to they say no it's very minimally addressing the problems of the u.s. and to put that in even broader scope our guest kevin phillips his recent book is about seven hundred...
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take this we have a few minutes every year of warden a trillion dollars in deficit spending at this point the president obama is like a doctor running a thousand votes with a patient who is not recovery yet if there's an argument for spending more to help the people who were damaged when the federal weather service didn't warn them about the incoming storm but the larger point is this country has been following that policy for so long that we are near because if we did come you know did warn them about it and the wheels are coming off because since the reagan administration we have not been spending money on infrastructure in the united states look around you most of the infrastructure was built in the fifty's sixty's seventy's and early eighty's and then we. spend it on government run health care going to star wars which is four trillion dollars is not to blame for what's actually happening in new york because of the storms right now and the money that it's not about actually not true part of the infrastructure is these giant dunes that they put out in front and now some of this is nimby
take this we have a few minutes every year of warden a trillion dollars in deficit spending at this point the president obama is like a doctor running a thousand votes with a patient who is not recovery yet if there's an argument for spending more to help the people who were damaged when the federal weather service didn't warn them about the incoming storm but the larger point is this country has been following that policy for so long that we are near because if we did come you know did warn...
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Dec 7, 2012
12/12
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so you see on the one level at the abstract level, debt, deficit, fiscal cliff. there's an immediate transition been to the to do list, which is what they would like to see effort. finally, and interestingly with all of this battering that people have taken during this last few years of difficult economy, we gave voters, we will go through this question in detail, but we gave voters a choice. short term, solutions to fix the problem, our long-term visionary policies that will put us on the right track? interestingly enough at this point people are thinking longer-term. part of that restored optimism is different for different groups, but generally speaking people are looking for longer horizons. just quickly, the mood of the country, you see the track, the red truck, this long track. easy it is still 50% believe the country is on the wrong track but you see substantial improvement sends where we were in the middle, the late fall of 2011. so that's when it really bottomed out. 70% wrong track, that was around the time of the debt ceiling debate. only 33% of democr
so you see on the one level at the abstract level, debt, deficit, fiscal cliff. there's an immediate transition been to the to do list, which is what they would like to see effort. finally, and interestingly with all of this battering that people have taken during this last few years of difficult economy, we gave voters, we will go through this question in detail, but we gave voters a choice. short term, solutions to fix the problem, our long-term visionary policies that will put us on the...
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Dec 5, 2012
12/12
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when i see a full deck of cards, that includes those participating in deficit reduction. it must be used over time and they can make very significant changes in the budget and do it in a way that does not damage our security. doing it abruptly as the fiscal cliff does, or any timeframe, it is not only inefficient, i think it endangers our security and our wrists. my final point is that missing element is primarily political will and i say that in regard to both political parties and the solution. the solution has to be forthcoming in the weeks ahead in the months ahead require our leaders and put our nation first. that has to be the primary focus of our political leadership. to put the interest of our country first. thank you for your leadership, thank you as well mike mullen. it is also a great privilege to be here with john warren and mr. isaac skelton. ,. >> thank you. thank you for putting this effort together. we thank admiral mike mullen, whose efforts have been outstanding for this effort. the late barbara -- barbara tuchman wrote a book entitled "march of folly."
when i see a full deck of cards, that includes those participating in deficit reduction. it must be used over time and they can make very significant changes in the budget and do it in a way that does not damage our security. doing it abruptly as the fiscal cliff does, or any timeframe, it is not only inefficient, i think it endangers our security and our wrists. my final point is that missing element is primarily political will and i say that in regard to both political parties and the...